Abstract The article presents several problems related to accounting, which were prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the second half of the C.P.A. examination in accounting practice on May 18, 1961. One of the problem focuses on matters related to the purchase of property by a certain corporation. It discusses the issue of appraised value of a property, depreciation accounting, interest rates, and profit and loss analysis in the deal. Another problem focuses on a company ABC, who has acquired all of the outstanding stock of XYZ Corp. Now ABC gave the stockholders of XYZ certain amount of cash and shares of previously unissued common stock in exchange for all the outstanding stock of XYZ. Students have been asked to prepare the journal entry of ABC to record its investment in XYZ, and explain the basis for the value assigned to the investment. A question has been presented which discusses issues related to partnerships. students have been assigned to prepare statement which contains a detailed explanation of the difference between actual costs and standard costs.

Abstract The article presents information on problems that were prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the first halt of the C.P.A. examination in accounting practice on May 17, 1961. The candidates were required to solve all problems. One of the problems that was there in Accounting practice is discussed here. A company has hypothecated its accounts receivable with the bank under an agreement whereby the bank lends the company 80% on the hypothecated accounts receivable. Accounting for and collection of the accounts are performed by the company, and adjustments of the loan are made from daily sales reports and daily deposits. The bank credits the Distributors, Inc. account and increases the amount of till loan for 80% of the reported sales. The loan agreement states specifically that the sales report must be accepted by the bank before Distributors, Inc. is credited Sales reports are forwarded by Distributors, Inc. to the bank on the first day following the date of sales. The bank allocates each deposit 80% to the payment of the loan and 20% to Distributors, Inc. account. Thus, only 80% of each day's sales and 20% of each collection deposit are altered on the bank statement. Distributors, Inc. accountant records the hypothecation of new account to receivable value (80% of sales) as a debit to cash and a credit to the bank loan as of the date of sales. One hundred per cent of the collections on accounts receivable to recorded as a cash receipt; 80% of the collections is recorded in the cash disburse

Abstract This article presents problems which were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (C.P.A) and were presented as the first half of the C.P.A. examination in accounting practice which held on November 4, 1964.

Abstract This article presents accounting problems which were prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the second half of the C.P.A. examination in accounting practice on November 3, 1960. One of the questions asks to prepare a statement showing how cash will be distributed among partners by installments as it becomes available. In yet another question it asks to prepare a worksheet showing account balances per books, any adjustments one can consider necessary, and adjusted balances. Also, indicate which balance one would consider to be current, which balances noncurrent, and which balances would be shown in the stockholders' equity section of the balance sheet. The question further asks to prepare schedules of inventories, depreciation, and deferred taxes in good form. The Johnson Appliance Co. started business on January 1, 1950. Separate accounts were established for installment and cash sales, but no perpetual inventory record was maintained.

Abstract The article presents problems that were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (C.P.A.) and were presented as the first half of the C.P.A. examination in accounting practice on May 18, 1960. One of the questions asked was regarding Houston Factors Inc. The company was incorporated on December 31, 1959. The capital stock of the company consists of 100,000 shares of $10 par value each, all of which was paid in at par. The company was organized for the purpose of factoring the accounts receivable of various businesses requiring this service. The paper asks to prepare a balance sheet and an income statement for Houston Factors Inc. as at March 31, 1960. The Rickard Co.'s fiscal year ended March 31, 1960. Your examination the preceding year disclosed that the internal control was weak. The staff and organization was unchanged. The office manager was unable to reconcile the bank statements at March 31st, and opened an account called "Exchange" for $170 in order to balance his preliminary trial balance. The paper asks to reconcile both bank balances to the adjusted cash balances as of March 31, 1960.

Abstract The article presents accounting problems prepared by the Board of Examiners of the American Institute of Certified Public Accountant (CPA) and were presented as the second half of the CPA examination in accounting practice in November 5, 1959. The candidates ere required to solve the problems 1 and 2 and any two of the remaining three problems. The first problem is related to preparation of cost study to determine economical feasibility of a publishing company. The second question is related to deriving reasons for the changes in the working capital of a company from its balance sheet. It requires application of funds statement, supported by a schedule of working capital changes and a cash flow statement, supported by a schedule detailing the cash provided or applied by profits or losses from operation. The third problem requires preparation of a schedule of labor production, total and unit costs incurred in production and schedule of detailed material labor and manufacturing costs assigned to the units left in process.

Abstract The article presents a list of problems that were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (CPA) and were presented as the second half of the CPA examination in accounting practice on November 6, 1958. The candidates were required to solve problems 1, 2, 3 and 4 and either problem 5 or problem 6. The total weight assigned to this section of the examination in accounting practice was 50 points and the examiners point out that the suggested time allowances given below was approximately proportional to the point value of the various problems.

Abstract The article focuses on various problems, which were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (CPA) and were presented as the second half of the CPA examination in accounting practice on May 14, 1959. The suggested time allowance for each question is also given in the article. In one question, details of a Washington D.C.-based hypothetical company namely Y & P Music Co., which operates two retail music stores, one located in Seattle, Washington State and the other in Tacoma, Washington State is provided. The examinee is required to adjust entries to be recorded on each set of books correcting the account balances in the question. In another question, the estimated balance sheet of a hypothetical company the Claxton Machine Co. Inc. is provided. Claxton Machine Co. Inc. maintains and supplies the raw materials for machines, which it rents out on one-year contracts. The charge for service and supplies is billed monthly and is based on usage, $8 for each 100 units as measured by meters with a minimum monthly charge of $160 per machine.

Abstract The article presents details of problems prepared by the board of examiners of the American Institute of Certified Public Accountants and presented as the second half of the chartered public accountants examination in accounting practice in May 1958. The candidates were required to solve problems. The total weight assigned to this section of the examination was 50 points and the examiners point out that the suggested time allowances given below are approximately proportional to the point value of the various problems. From the following information set forth below one has to prepare a Federal income tax return for the calendar year 1957. Solution should show in schedule form all items going into the computation of the net taxable income, the computation of the tax and the final balance payable or overpayment of tax. Set up in good form any supporting computations needed in preparation of the return.

Abstract This article presents problems and their solutions prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the first half of the Certified Public Accountant examination in accounting practice on November 2, 1960. Candidates were required to solve all problems. One of the question was, "Prior to January 1, 1959, ABC Company, a wholly-owned subsidiary of XYZ Company, conducted a business of importing hemp and fiber for resale purposes. As of January 1, 1959, ABC Company changed its business by entering into an agency agreement with the parent company whereby all transactions of ABC Company would be as agent for the purposes of purchasing and selling hemp and fiber for the account of XYZ Company as principal. The agreement provided, among other things, that ABC Company receive $1.80 a ton for all hemp and fiber purchased for XYZ Company, including the beginning inventory. The beginning and ending inventories were priced at $7.15 and $7.20 per hundred pounds, respectively. The average prices per hundred pounds for purchases, as recorded in the books of account after the adjustment for ending inventory, and sales were $7.18 and $7.27, respectively.